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Coinbase announces support for a cryptocurrency and the price skyrockets. I can't believe people just start to buy a cryptocurrency because they suddenly can more easily.
Coinbase announces support for a cryptocurrency and the price skyrockets. I can't believe people just start to buy a cryptocurrency because they suddenly can more easily.
Does anyone else find it highly suspicious that Coinbase goes down whenever there is any major movement in prices? You can explain this as just the natural result of too much traffic, but that's not convincing. This is a business valued at over 1 billion dollars that has been operating for years. If this is still a problem, it's either unbelievable incompetence, or because they see no reason to fix it. And here is a…
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So have your SO/friend/etc. buy a bunch of it and slip you a gift card as a Christmas present? There's no law banning insider trading; Coinbase cannot really enforce anything beyond their own contractually-bound employees. I actually find it interesting/relieving to have a market where insider trading is legal. If you got your hands on inside information, more power to you! In the stock market, insider trading being…
Many people predicted the opposite of this would happen though. That when coinbase users got their BCH freed up they would dump it on the market and tank it, and part of the announcement includes freeing up users' BCH.
Why is anyone surprised by this? Coinbase sent an email out months ago saying they'd do this by Jan 1, 2018. Dear Coinbase customer, ... We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. ... Thank you, Coinbase Team Am I crazy? Edit: let me answer those who think I am crazy. BTC literally tripled overnight a few weeks ago when there was "specula…
> assuming no additional risks emerge The letter was simply a possible notion. No guarantee. Why not send out another letter saying they were going to release it on this day? I know why, because they wanted to manipulate the market.
If the announcement came today instead same thing might have happened with prices.
All this cryptocurrency talk has inspired me to understand the innerworkings of exchanges -- so how does a company like Coinbase scale to meet the demands of new customers? Surely they're not the first company to deal with this problem.
I don't think the problem is scale, the problem is there are multi-exchanges for the same asset. You can't trade GOOG, or TSLA on both NYSE and the NASDAQ for precisely this reason - a run up on one exchange will cause the entirety of money to shift for arbitrage. This is the real problem they are facing, imho.
Coinbase announces support for a cryptocurrency and the price skyrockets. I can't believe people just start to buy a cryptocurrency because they suddenly can more easily.
People do "more" when stuff gets easier for a lot of other things.
But if you want to drill down on this specific situation, think about how many "newbies" must have come to Coinbase because of the recent Bitcoin surge. They weren't using any other online wallet or exchange - just Coinbase. And now suddenly they have an extra cryptocurrency option. A lot of them will try it out, thus increasing the price of the coin.
This is also exactly why Bitcoin is maintaining a leadership among cryptocurrencies and will for the foreseeable future, despite being so much worse in many areas compared to newer cryptocurrencies. Bitcoin is the "de facto" cryptocurrency accepted not by 50%, 70%, or 90% of the crypto exchanges out there, as some of the other cryptocurrencies are, but by 100% of them.
Also, all the other cryptocurrencies are exchanged into Bitcoin. There are very few other cryptocurrency "markets" other than Bitcoin. Some exchanges support turning your other cryptocurrencies into Ethereum for instance, but not all of them, and even for those that do, people still prefer to exchange into Bitcoin.
The "first mover advantage" is very strong here, and Bitcoin will continue to benefit from it until maybe every other cryptocurrency is 10-100x better than Bitcoin in every way and everyone will wake up one day and say "wait, why are we using Bitcoin as the default currency again?!" But it's not a guarantee that will happen soon, or even ever.
it's hilarious how many suckers will get drawn to this scam over and over..... 1.) omg this cryptocurrency is so transactional/rare 2.) nope. this isn't transactional at all! it costs me $350 to send $350! 3.) nope. it's not rare, coinbase just added ANOTHER transactional/rare crytocurrency! 4.) time to lose 80% on another cryotocurrency!
BCH is slightly better though because the transactions are basically free.
BCH has only even reached 60% of the transaction numbers of BTC in the last few days.
Yes, bigger blocks will let you do more transactions, but it'll scale linearly and then struggle to handle PayPal scale anyway. And bigger blocks aren't a free lunch.
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They wouldn't know of course, but that's not the point. The point is to cover their own ass if they get in legal trouble, by saying "well, we told them it was prohibited, and made them sign stuff". It's the same reason companies make all their employees go through sexual harassment training. Not because they actually believe such training reduces sexual harassment, but rather because they want to eliminate liability.
Rubbish. Someone who works at Morgan/Goldman/JPM/etc cannot trade on an account at a different brokerage on the announcement. If they do, they will get nailed and most likely go to jail
I suspect they have some fixing to do yet... common prices listed on indexes are ~$3,539.82 USD at the moment. Coinbase UI has the UI pegged at $8,499.03 .. with console errors, and ssl to be distrusted errors.
The UI's prices were/are accurate as far as I can tell. I think the trading was just that unstable. When it opened at 17:20 PST, the price was indeed ~$3.5k, then shot up and down violently until they pulled the plug three minutes later at ~$9.5k.